Consider this scenario in a council-manager form of local government. You were hired as a professional city manager by the city council. As part of your duties, you are also responsible for balancing the budget. Each year for the past 10 years the public pension fund has been underfunded. All of the public employees are covered by a defined benefit pension plan. There are 25% of those who are between the age of 50 and 65. You realize that there will come a day when there is not going to be enough money to pay out these pensions. You want to construct a plan to insure the city will continue to pay their obligations, but provide a future option that will balance the city’s budget.
Write at least 2 short and 2 long term recommendations you would give to the town leadership? Remember: you are the city manager. But also remember, the city council hired you, and can also fire you. Your recommendations must be convincing; but keep the delicate balance between covering the city’s obligations and not running the city into bankruptcy.
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